Selling your product or service may seem like the most difficult part of your job when you’re a business owner. After all, you spend a lot of time and effort working to persuade someone to buy. However, that’s only really the beginning. You then need to deliver what you’ve sold— and get paid for it. Collecting invoice payments from clients should be a simple process, especially if you already have systems in place to provide quotes/payment agreements and invoices in a timely manner. Nonetheless in many cases, regardless of how professionally your invoicing process is carried out, it is ultimately up to the client to pay, and this doesn’t always happen on time or as planned. There are clients who will string you along for payment or just disappear when it comes time to write a cheque, leaving you with a big problem.
You’ve issued late payment warnings but there is still no payment
When it appears that you won’t be able to get paid for the hard work you’ve done (or a product you’ve provided) and you are now dealing with a client who is refusing or is unable to pay you based on your agreed arrangement. It’s time to take action, instruct professional help to collect your money before it starts affecting your business, the longer you wait, the less likely it is you will be able to recover your monies. Many clients we deal with have the same problems when looking to recoup their money, they are ultimately being treated like a bank. It is common to see many SME’s struggling to pay their overheads while they have thousands of pounds worth of invoices sitting with their clients that are weeks overdue.
A recent collection of ours was on behalf of an SME who was struggling to recover the invoices from their client after completion of the work. This unfortunate situation left them having to beg for a temporary overdraft in order to pay staff wages while THEIR hard-earned money was still in their client’s accounts. We were able to collect the balance in full on behalf of our client and resolve their cashflow torment.
Why your client isn’t paying you
With our expertise and experience, dealing with every sort of debt imaginable, we have found there are 3 reasons why your client isn’t paying you:
- They do not have the money
- They are not happy with the product/service.
- They would prefer to spend the money they owe you on something else.
More often than not it is the latter. Unfortunately, for many businesses, their clients would much rather spend YOUR money elsewhere within their own company than pay you. You could be left waiting weeks even months for a past due invoice to be paid and often you will not receive payment at all. If you are faced with this situation instruct DCBL to recover what you are owed, we remove the frustration and stress caused by non-payments, leaving you to focus on growing your business and providing a quality product/ service to the clients who do pay.
If you have any questions or would like to know how we can help you, contact us today for a free consultation. Our client portfolio ranges from Blue chip companies to Sole traders to Private individuals so whatever your situation, we can help.